Economy & Trade

Africa key to Global South's future - Brazilian leader

African leaders at the AU Summit have stressed their commitment to establish African Central Bank as a way of harmonising the continent's economy.

Africa Club: African Union's step towards global financial fairness

African leaders have acknowledged that AU's initiative to create a global financial architecture that better serves the continent hasn't come a day too soon.

Türkiye targets $30B trade volume with Saudi Arabia

Joining Türkiye-Saudi Arabia Investment and Business Forum's gala dinner in Istanbul, Turkish vice president says trade volume stood at $6.8B in 2023, short-term target is $10B.

Uganda in talks with Tanzania to end oil import via Kenya

Uganda has long expressed dissatisfaction with a system under which Ugandan fuel companies buy 90% of their supplies through affiliated firms in Kenya.

Ghana finance minister sacked  with economy main issue in elections

Ken Ofori-Atta has been in office since 2017 and faced criticism after the West African country plunged into an economic crisis

Nigeria: Buhari's 'fake signature' allegedly used to get $6.2m from central bank

Testifying in the corruption trial of  ex-governor of the Central Bank of Nigeria Godwin Emefiele, former secretary to the Nigerian government, Boss Mustapha said the money was allegedly withdrawn without the approval of

Former Nigerian President Buhari's signature allegedly faked to get $6.2 from central bank

Former central bank chief Godwin Emefiele had alleged that the former president directed the bank to pay the money in cash to international election observers in the last 2023 general election.

Live Updates: Israeli soldiers 'steal' $54M from Bank of Palestine in Gaza

Israel's war on Gaza — now in its 128th day — has killed at least 28,064 Palestinians and wounded 67,611 others, as Israeli army is preparing to push further south toward Rafah where 1.4 million people taking refuge.

Head of Nigeria's Access Bank Wigwe, wife, son killed in US helicopter crash

The helicopter crashed near Nipton, California, the US Federal Aviation Administration said in a statement.

Emefiele: Wife of Nigeria's former top bank chief declared wanted

Margaret Emefiele is wanted by Nigeria’s anti-corruption agency over allegations of money laundering.

Live Updates: US considers sanctions on Israeli soldiers in West Bank — report

Israel's war on Gaza — now in its 127th day — has killed at least 27,947 Palestinians and wounded 67,459 others, as US Senator Bernie Sanders calls US "complicit" in the humanitarian crisis in the blockaded enc

Liberian president Boakai orders audit of central bank, national security agency

The anti-corruption push included an audit of the former government.

Türkiye, Somalia sign defence and economic cooperation agreement

The agreement involves collaboration in combatting terrorism and cooperation in military and financial domains.

African Development Bank to give Nigerian states $540 million

The bank will allocate the funds to seven states to initiate the development of Special Agro-Industrial Processing Zones (SAPZs).

African Development Bank to give Nigerian states $540

The bank will allocate the funds to seven states to initiate the development of Special Agro-Industrial Processing Zones (SAPZs).

Kenya says will repay $2bn Eurobond after default jitters

Central Bank of Kenya Governor acknowledged concerns about the country's ability to repay the 10-year Eurobond.

Exotic pets: The pains of Africa's snakes and parrots in a billion-dollar market

Demand for threatened wildlife species such as African grey parrots and ball pythons among collectors of exotic pets has fueled a spurt in poaching on the continent despite conservation campaigns, regulation and vigil.

Addressing unemployment as a key to Africa's economic growth

In Africa, where over 60% of the population comprises youth under the age of 35, addressing this issue is not merely a social imperative but a crucial economic necessity.

Nigeria: What Africa's largest economy needs to do to turn the corner

Africa's largest economy, Nigeria, is struggling to pull itself out of a swamp of problems that experts believe can be countered by consistency in policymaking and, in some cases, reverting to what worked for it in the p

Nigeria naira hits record low against US dollar on official market

Central Bank Governor Olayemi Cardoso recently said the bank was trying to improve liquidity in the foreign exchange market.

Nigeria naira reaches record low against US dollar on official market

Central Bank Governor Olayemi Cardoso recently said the bank was trying to improve liquidity in the foreign exchange market.

Nigeria central bank injects $500m to clear forex backlog

The Central Bank of Nigeria has released some $500 million to help clear a forex backlog.

Live Updates: Israel arrests 22 more Palestinians in West Bank, tally tops 6,300

Israel's aggression in Gaza — now in its 114th day — has killed at least 26,422 Palestinians and wounded 65,087, as the Palestinian Authority slams the decision by some countries to suspend funding for a key UN relief ag

Kenya is Uganda's leading export market: Museveni

Kenya was Uganda's most lucrative export market in the last financial year, President Yoweri Museveni has said.